Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) In order to effectuate the authority of the Agency to participate in commitments to purchase and to purchase mortgage loans for the rehabilitation of existing residential housing the Agency is hereby empowered to adopt, modify or repeal rules and regulations governing the making or participation in the making of mortgage loans and the purchase or participation in commitments for the purchase of mortgage loans for the rehabilitation of existing residential housing.
(b) The rules and regulations of the Agency adopted pursuant to this section shall provide at a minimum that:
(1) Rehabilitation mortgage loans shall be for the purpose of owner-financed improvements to or renovation of residential housing;
(2) Requirements for eligibility for rehabilitation mortgage loans shall be consistent with all applicable federal laws and regulations governing bonds for rehabilitation mortgage loans in order to insure that such bonds are exempt from taxation.
There is created in the state treasury the youth advisory council cash fund to provide for the direct and indirect costs associated with the implementation of this part 13, including but not limited to lodging, meeting fees, mileage and transportation costs, meals, meeting supplies, copy costs, computer-related costs, any services for which the council contracts, and expenses incurred by nonvoting members of the review committee. The fund shall consist of any money appropriated by the general assembly to the fund and may also include gifts, grants, and donations obtained directly by the council pursuant to this section. The council is authorized to seek and accept gifts, grants, or donations from private or public sources for the purposes of this part 13. All private and public money received by the council through gifts, grants, or donations shall be transmitted to the state treasurer, who shall credit the same to the fund. The money in the fund shall be continuously appropriated for the direct and indirect costs associated with the implementation of this part 13. Any money in the fund not expended for the purposes of this part 13 may be invested by the state treasurer as provided by law. All interest and income derived from the investment and deposit of money in the fund shall be credited to the fund. Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year remains in the fund and shall not be credited or transferred to the general fund or another fund.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 122A. North Carolina Housing Finance Agency § 122A-5.5. Rehabilitation Loan Authority - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-122a-north-carolina-housing-finance-agency/nc-gen-st-sect-122a-5-5/
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